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The streaming video service is a joint venture between Disney and News Corp.

Former News Corp. president Peter Chernin has submitted a $500 million bid for streaming video website Hulu, Reuters reported.

The company is a joint venture between Disney and News Corp. Hulu was valued at around $2 billion in 2012 after Providence Equity Partners sold a 10 percent stake for $200 million, according to Bloomberg.

Hulu CEO Jason Kilar, who had been with the company for five years, announced his resignation at the beginning of the year. Andy Forssell, senior vp content, was named acting CEO at the end of March.

In early March, The Wall Street Journal reported that News Corp. and Disney were having talks about having one company sell a stake to the other. Disney is said to favor a free approach to streaming video while News Corp. favored a paid subscription service, according to the Journal report.

The Reuters report notes that it "is not clear" whether this buyout possibility is still under discussion.

Chernin is currently the CEO of The Chernin Group. In December, the company made an investment in MiTu, an online network that runs YouTube channels targeting the Latino market. It recently acquired a minority stake in Graphic India, an animation company geared toward India's youth audiences.

Hulu declined to comment on the Reuters report. The Chernin Group has not yet responded to a request for comment.